The Baby Boomer generation began in 1946, after World War II. Those born prior to 1946 are now at least 70 years old, and hopefully well off.
I’m not expecting the Matures to have any need for liquidation. Their houses were paid off long ago, and though their income might be limited, they value their home base and don’t want to leave. Most have probably been in their home for more than 30 years!
Construction companies that specialize in converting living rooms to master suites should be very popular! One-story homes are great insurance!
P.S. This is the second week in a row that I used a C.A.R. promotional piece!
Even with the house paid off, once you get to the point of needing in-home care, most will not have the cash to cover it. With wage and hour laws (working hour limits, overtime pay, minimum wage etc…) increasingly being applied to live-in care, nursing homes will be the only option. If you need 24×7 assistance today, you are looking at around $190,000 a year. Rent the house to pay for the nursing home is the more likely scenario.